Bitcoin Forum
September 19, 2019, 05:44:52 AM *
News: Latest Bitcoin Core release: 0.18.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 [17] 18 »  All
  Print  
Author Topic: Why I don't Support KYC in cryptocurrency as it is  (Read 2983 times)
Chicksteen
Jr. Member
*
Offline Offline

Activity: 200
Merit: 1


View Profile
October 17, 2018, 07:07:53 AM
 #321

your reason is quite reasonable. but if kyc is needed in a bounty program, I think it's not a problem if our data is safe.

That's exactly what the problem is. We have no idea what they are going to do with the data after the ICO and we don't even know why is it so important to them that they had to require it in the first place.


if we only upload an identity card, passport, can it harm us physically or materially ? in my opinion, kyc is important because it can reduce scammers who want to try to steal from us.

Have you been watching the news? People's identity are being used online. For example, since you have uploaded an ID, the person to whom your data was sold or given to already has your ID as well as your name. They can go on Facebook, look up your name, take your photos, create a profile with your pictures, and do trades with people and they would look legit because they are able to upload your ID. Even in exchanges that uses IDs, they can use your ID there, or even when transacting with someone online that requires identification. There's so much people can do with your ID so I suggest to stay away from KYC requirements unless there is a solid reason as to why they are requiring it.
There is no need to require KYC because it is more risky to trust someone you can handle the data of our own information. They must have trust their investors even do not submit personal information. There are many issues of crimes in internet and we do not want to be involve or become victim of it. They should not require if it is not really need. Before many bounty become successful but does not require KYC when you want to support them.
1568871892
Hero Member
*
Offline Offline

Posts: 1568871892

View Profile Personal Message (Offline)

Ignore
1568871892
Reply with quote  #2

1568871892
Report to moderator
1568871892
Hero Member
*
Offline Offline

Posts: 1568871892

View Profile Personal Message (Offline)

Ignore
1568871892
Reply with quote  #2

1568871892
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1568871892
Hero Member
*
Offline Offline

Posts: 1568871892

View Profile Personal Message (Offline)

Ignore
1568871892
Reply with quote  #2

1568871892
Report to moderator
jtrapirap
Jr. Member
*
Offline Offline

Activity: 232
Merit: 1

Staker.network - POS Smart Contract ETH Token


View Profile
October 17, 2018, 09:28:01 AM
 #322

Well, we all have our own opinions and views whether we are okay or against with KYC in cryptocurrency. This is a somewhat a serious topic since anyone of us wants to secure our own privacy and personal details which maybe kind of risky to share since it maybe use on scams or frauds and may go against us in the future. In my own opinion, just be careful on sharing your kyc information on questionable ICOs and projects, just to be safe.

▂▆●● SynchrotronCoin.org - Payment solution - Airdrops live NOW!●●▆▂
hotforblockchain
Member
**
Offline Offline

Activity: 266
Merit: 22


View Profile
October 17, 2018, 09:40:25 AM
 #323

Your support is not relevant since there already is laws in place which does not allow some citizens to invest in ICOS, thus  teams are obligated to check investors.

But some of your concerns are relevant and i am making the same points for some time know, it is very frustrating when projects ask for ones id on their shitty page or google forms. They should use KYC company but this costs money.

also i have be noticing people who are activly pro KYC and saying shit like" f you are legit man, there is nothing to be afraid of"  , there is a lot of what we should be afraid of if they dont do KYC in professional way

oginiimaoyani
Sr. Member
****
Offline Offline

Activity: 574
Merit: 250



View Profile WWW
October 17, 2018, 10:35:13 AM
 #324

I think you just poured out my mind I really don't support the KYC stuff especially with bounty hunters to me it's not really good we give them our details yet we don't know who they are.


                           ▄▄█▌
                       ▄▄██▀▀█▌
                    ▄██▀▀    █▌
 ▄              ▄▄██▀    ▄▀  █▌
▐███▄▄         ▐█▀     ▄█    █▌
▐█▌ ▀▀██▄      █▌      █ ▄▀  █▌
▐█▌    ▀▀██▄▄  █▌    ▄█▀▀    █▌
▐█▌   ▄    ▀██▄█▌  ▄█▀     ▄██
▐█▌   ▀█     ▀██▌ ▄█    ▄▄██▀
▐█▌  ▄  ▀▄    ▐█▌▄█ ▄▄██▀▀
 ██   ▀▀▄█▄   ▐███▄█▀▀
  ██▄     ▀█  ▐█▀▀
   ▀▀██▄▄   █ ▐█▌
       ▀▀██▄▄███
           ▀▀▀█▌
EOSex
EOS Exchange


   The Exchange for the EOS Community!   

███████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████
ICO: 15th October to 20th November


                           ▄▄█▌
                       ▄▄██▀▀█▌
                    ▄██▀▀    █▌
 ▄              ▄▄██▀    ▄▀  █▌
▐███▄▄         ▐█▀     ▄█    █▌
▐█▌ ▀▀██▄      █▌      █ ▄▀  █▌
▐█▌    ▀▀██▄▄  █▌    ▄█▀▀    █▌
▐█▌   ▄    ▀██▄█▌  ▄█▀     ▄██
▐█▌   ▀█     ▀██▌ ▄█    ▄▄██▀
▐█▌  ▄  ▀▄    ▐█▌▄█ ▄▄██▀▀
 ██   ▀▀▄█▄   ▐███▄█▀▀
  ██▄     ▀█  ▐█▀▀
   ▀▀██▄▄   █ ▐█▌
       ▀▀██▄▄███
           ▀▀▀█▌
WHITEPAPER
BTC                          ▄▄▄
                    ▄▄▄██████
              ▄▄▄█████▀▀████▌
        ▄▄▄████████▀ ▄██████
  ▄▄▄██████████▀▀  ▄███████▌
▀███████████▀   ▄██████████
   ▀▀▀███▀    ▄███████████▌
        █▌  ██████████████
        ▐█ ██████████████▌
         █████▀ ▀████████
          ██▀      ▀████▌
                      ▀▀
             ▄████▄▄   ▄
█▄          ██████████▀▄
███        ███████████▀
▐████▄     ██████████▌
▄▄██████▄▄▄▄█████████▌
▀████████████████████
  ▀█████████████████
  ▄▄███████████████
   ▀█████████████▀
    ▄▄█████████▀
▀▀██████████▀
    ▀▀▀▀▀
reality18
Member
**
Offline Offline

Activity: 616
Merit: 14

CurioInvest [IEO Live]


View Profile WWW
October 17, 2018, 10:42:45 AM
 #325

KYC in cryptocurrencies just doesn't makes any sense. Why would someone use Bitcoin if they are not going to get any privacy. The purpose of bitcoin was to make people the sole owners of their money on which no one had any control. Doing KYC is like going against that purpose.
You have a point, mate but the issue with cryptocurrency KYC is just for verification purposes and not to expose the users behind crypto transactions. KYC is used to avoid multiple entries to an ICO and its bounty program.

hahay
Legendary
*
Offline Offline

Activity: 1778
Merit: 1013

yolodice.com


View Profile WWW
October 17, 2018, 10:48:03 AM
 #326

Yes, I also agree with the OP, cryptocurrency still does not have rules that must be followed and the ICO project is also mostly just a scam project that I also did several times and was finally disappointed. This is different compared to an exchange that requires users to send KYCs that we naturally know if the exchange has a verified office. There is a lot to consider before sending KYC to the ICO project, because after all our identity is something that is very sensitive and alert about abuse.

Vinz1978
Member
**
Offline Offline

Activity: 226
Merit: 10


View Profile
October 17, 2018, 11:03:17 AM
 #327

I agree that there is no security in the KYC process, but unfortunately this is the only form currently in the game if you participate in the ICOs that are released

In addition to what you just said, I think we can do nothing about the KYC requirement especially if you are using some exchange site platform which is always requiring their client user to submit it or else they can't able to withdraw their coins in the platform as long as they're not complying the requirements. And sometimes it also requires in some ico bounty campaign project.
ryan67868
Newbie
*
Offline Offline

Activity: 11
Merit: 0


View Profile
October 17, 2018, 11:15:54 AM
 #328

This is pretty typical for all innovations, give it some time and the regulatory function will emerge from the ecosystem itself, at this stage what the government really needs to do, is to abandon the idea of any sort of regulation, just sit back and see the system evolve on its own, the KYC suspicions exist because of the level of access your government-issued documents provide to potential frauds
If the issuing of documents would start to rely on blockchain in some way - we would have our secure ID, safe to be used in all that stuff
bitfocus
Member
**
Offline Offline

Activity: 490
Merit: 15


View Profile
October 17, 2018, 11:27:55 AM
 #329

Right KYC kills anonymity and Crypto, especially is all about anonymity and P2P.
Morning honor
Member
**
Offline Offline

Activity: 203
Merit: 15

Personal Text: BetGil - Online Gaming Industry


View Profile
October 17, 2018, 11:30:06 AM
 #330

If this kyc will stop for a good reason why not?lets all do this for our all good.,usually kyc is now a prone to scammers,so lets be warned and more careful to decisions.

Valovut
Jr. Member
*
Offline Offline

Activity: 123
Merit: 1


View Profile
October 17, 2018, 12:04:56 PM
Merited by abstractednerve (1)
 #331

Most annoying word for me is "KYC". Especially for ICO, even an ICO has fake team but they are asking for KYC. They need real person for holding token but what about themselves? It's too high risky to submit KYC lately. They could sold or share our document which is most dangerous for us. Total crypto industry is not regulated than why we should regulate ourselves by an ICO? We should avoid this kind of ICO who asking for KYC. Than all ICO never ask for it.
GhostWithin
Full Member
***
Offline Offline

Activity: 644
Merit: 145



View Profile
October 17, 2018, 12:12:37 PM
 #332

Right KYC kills anonymity and Crypto, especially is all about anonymity and P2P.

Yes, it kills anonymity. But, unfortunately, it will be used by more and more projects. The state will demand it from them, for states anonymity is the enemy
abstractednerve
Hero Member
*****
Offline Offline

Activity: 753
Merit: 500


Bcnex - The Ultimate Blockchain Trading Platform


View Profile
October 17, 2018, 12:28:16 PM
 #333

Most annoying word for me is "KYC". Especially for ICO, even an ICO has fake team but they are asking for KYC. They need real person for holding token but what about themselves? It's too high risky to submit KYC lately. They could sold or share our document which is most dangerous for us. Total crypto industry is not regulated than why we should regulate ourselves by an ICO? We should avoid this kind of ICO who asking for KYC. Than all ICO never ask for it.

Though KYC is not an annoying word anymore because some great ICO project even asking for KYC! Without KYC, investors are not able to participate in their ICO, but I agree with you, we should stop doing KYC rather we need to ask them to verify KYC first. As people are investing without knowing the ICO team, then why they are breaking Crypto anonymity?! But The sad part is, everyone keeps doing KYC thing, no one ignored! Maybe they can arrange another idea to verify ICO investors but this KYC system is really suc's.

▄▄██████████▄▄
▄██████████████████▄
▄██████████▌ ██████████▄
▄████████▀       ▀███████▄
▄████████  ▄██████▄████████▄
█████████  ▀██▀  ▄██████████
▐██████████▄     ▀███████████▌
▐█████████████  ▄  ▀█████████▌
█████████████ ▐██  █████████
▀████████▀██████▀  ████████▀
▀███████▄       ▄████████▀
▀██████████▌ ██████████▀
▀██████████████████▀
▀▀██████████▀▀
.$martFund.

  ▄▄▀▀▀▄▄
▀       ▀
▀▄▄   ▄▄▀█      ▄▄▀▀▀▄▄
   ▀█▀   █    ▄▀       ▀
▄   █   ▄█▄   █▀▄▄   ▄▄▀
  ▀▀▄█▄▀▀   ▀▀▄█   ▀█▀   
     █▄       ▄▄   █   ▄█▄
     █ ▀▀▄▄▄▀▀ █ ▀▀▄█▄▀▀   ▀▀
     █    █    █    █▄       ▄█
  ▄▄▀▀▀▄▄ █ ▄▄▀▀▀▄▄ █ ▀▀▄▄▄▀▀
▀       ▀▀       ▀    █   
▀▄▄   ▄▄▀▀▄▄   ▄▄▀█▀▄▄ █ ▄▄
   ▀█▀      ▀█▀   █   ▀▀▀
▄   █   ▄▄   █   ▄
  ▀▀▄█▄▀▀   ▀▀▄█▄▀▀
..One-stop Blockchain..
..Investment Solution..
▄▄████████▄▄
▄████████████████▄
▄████████████████████▄
███████████▀    ▐███████
███████████    ▄▄█████████
▐██████████▀    ▀▀█████████▌
▐█████████▌       █████████▌
▐███████████    ███████████▌
███████████    ███████████
██████████    ██████████
▀████████▄  ▄████████▀
▀████████████████▀
▀▀████████▀▀



wizardcrypto
Copper Member
Jr. Member
*
Offline Offline

Activity: 210
Merit: 2

www.daxico.com


View Profile
October 17, 2018, 12:39:37 PM
 #334

you are very right mate . cryptocurrency is not yet adopted massively and there is no regulations by SEC or any international financial recognize body that regulate the activities of crypto asset yet . most ICO , Airdrop , and bounty require KYC/AML  in the name of project fund raising which is not ideal to my knowledge ,most of this project are virtual  and there are disclaimer saying they will not be held reliable for misappropriation of project fund . these identity are use for cyber crime and terrorism activities . until there is regulation of ICO no KYC to my opinion , at least some one should be  held accountable for any project.

milgyeski
Newbie
*
Offline Offline

Activity: 4
Merit: 0


View Profile
October 17, 2018, 12:44:56 PM
 #335

I dont support KYC in cryptocurrency because we don't know how will they use your profile and information. It's quite scary to just give your information. The anonymity of each person in bitcoin is a must for privacy.
NH
Sr. Member
****
Offline Offline

Activity: 423
Merit: 250


🚀🚀 ATHERO.IO 🚀🚀


View Profile WWW
October 17, 2018, 12:48:05 PM
 #336

bitcoin created to make economy easy in some country. and there is no need to fill kyc. sometimes for some ico require to fill kyc, i think they want to make sure if you are no cheat or something like that, or it can be proof for government (if they cooperate with them).
people fill kyc for their payment. there are many ico with no announce if in the end they need to fill kyc, so bounty forced.

  A revolutionary decentralized digital economy 
Join us:██`Twitter  ◽  Facebook  ◽  Telegram  ◽  Youtube  ◽  Github
.ATHERO
.Internet 3.0 solution
jakasantosa
Jr. Member
*
Offline Offline

Activity: 392
Merit: 2

Think better


View Profile
October 17, 2018, 01:26:28 PM
 #337

About KYC everyone has their own opinions. Some agree and some don't. Many KYC opinions were misused by the bounty organizer. There is also a KYC that is used by the bounty organizers as evidence that those participating in the bounty are not fake or multiple accounts. So regarding the KYC problem depends on each person, If you feel that the bounty cannot be trusted, do not fill KYC.

BITCOIN
PlusOne88
Member
**
Offline Offline

Activity: 392
Merit: 10

“Tackling Climate Change Using Blockchain”


View Profile
October 17, 2018, 01:50:51 PM
 #338

You really have some point and this is true. Regulation might be able to control scams and may lead to only the real ICOs. If the scammers would use your identity then you can be in a lot of trouble for doing what I think could not have serve you justice. For what good would it be for you if you will just receive a very small amount and you could even be a victim of identity theft. In my personal view one's identity and reputation is worth more than millions because once it is destroyed it is as if you are as well and maybe even your family is affected.

cetald
Member
**
Offline Offline

Activity: 434
Merit: 10


View Profile WWW
October 17, 2018, 02:05:11 PM
 #339

I completely agree with the author. But the KYC procedure assumes that the investor trusts the project team. Otherwise you should not invest.

guybrushthreepwood
Legendary
*
Offline Offline

Activity: 1176
Merit: 1192



View Profile
October 17, 2018, 02:14:36 PM
 #340

I dont support KYC in cryptocurrency because we don't know how will they use your profile and information. It's quite scary to just give your information. The anonymity of each person in bitcoin is a must for privacy.

The issue here is trust and whatever your beliefs are in life you need to have a certain amount of trust in certain people some of the time. When you're on the side of the road you have to have trust that someone isn't going to just plow into you for the fun of it. When you get on a plane you have trust in the pilot that he isn't going to fly it straight into the ground. You can be as paranoid about safety as you want, but sometimes a little trust is required in people or institutions, but you can choose who you trust with cryptocurrencies. If you don't trust an ICO with your details then just don't give them it. If you don't trust an exchange then don't use it, but there are some reputable companies out there, but absolutely no company whether in crypto or not are 100% immune to leaks or hacks. Whether you're of the opinion that regulations or things like KYC are good or bad they're going to come if we want bitcoin to go mainstream, but you will always be free to use it outside of the mainstream and there are always ways around regulations.
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 [17] 18 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!